By Adriano Marchese
Stocks in Toronto remained flat midday Friday as the British Columbia port strike, which lasted 13 days, came to an end after a four-year deal was reached by both sides. While Canadian sector performance was mixed, tech, process industries, and tech services were the main laggards, followed by communications. On the other hand, health tech and health services were among the gainers.
At midday, Canada’s S&P/TSX Composite Index held steady at 20,277.68, while the blue-chip S&P/TSX 60 saw a slight increase of 0.06% to reach 1,218.71.
Telus International (Cda) Leads Communications Sector Decline
Leading the decline in the communications sector was Telus International (Cda), with its stock down by 28% in Toronto, reaching 13.87 Canadian dollars ($10.58). This drop came after its parent company reduced its outlook for the full year due to weaker-than-expected performance at its Telus International unit.
Other Market Movers
There were several notable market movers in Toronto:
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Canopy Growth: Toronto-listed shares of Canopy Growth fell by 35% to C$0.55 after the cannabis company announced a series of agreements with its lenders to reduce the principal owed on its debts by $437.1 million.
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IOU Financial: Shares of IOU Financial jumped by 75% to C$0.21 after the company revealed that it has agreed to be acquired by a group composed of funds managed by Neuberger Berman, Palos Capital, and Fintech Ventures.